81R10324 JAM-D
By: Davis of Dallas H.B. No. 2675
A BILL TO BE ENTITLED
AN ACT
relating to the establishment of the foreclosure prevention
program.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Chapter 2306, Government Code, is amended by
adding Subchapter X-1 to read as follows:
SUBCHAPTER X-1. FORECLOSURE PREVENTION PROGRAM
Sec. 2306.531. DEFINITION. In this subchapter, "program"
means the foreclosure prevention program.
Sec. 2306.532. ESTABLISHMENT OF PROGRAM. The department
shall establish the foreclosure prevention program to:
(1) make financing and refinancing education and
assistance available to the public; and
(2) provide financial assistance to homeowners:
(A) facing foreclosure; or
(B) whose income is adversely affected by
circumstances such as unemployment, a reduction of wages or hours
of employment, illness, or the death of a spouse or other person
contributing to the income of a homeowner, to the extent that the
homeowner is unable to make mortgage payments on the home.
Sec. 2306.533. PROGRAM ADMINISTRATION. For purposes of the
program, the department shall:
(1) investigate and implement methods for
disseminating to homeowners and homebuyers information designed to
reduce and prevent foreclosures on homes in this state, including
information concerning:
(A) mortgage financing and refinancing options;
(B) home equity practices;
(C) predatory lending practices; and
(D) on request, a comparison of any financing or
refinancing terms being offered to an individual and terms
otherwise available to the individual; and
(2) establish eligibility requirements for homeowners
to receive financial assistance under the program.
Sec. 2306.534. FUNDING. The department shall seek and
apply for any available federal funding to finance the program.
Sec. 2306.535. RULES. The department shall adopt rules
necessary to implement the program.
SECTION 2. The Texas Department of Housing and Community
Affairs shall adopt any rules required by Subchapter X-1, Chapter
2306, Government Code, as added by this Act, not later than December
1, 2009.
SECTION 3. As soon as practicable, the Texas Department of
Housing and Community Affairs shall apply for and actively pursue
federal funding for purposes of the foreclosure prevention program
established under Subchapter X-1, Chapter 2306, Government Code, as
added by this Act.
SECTION 4. This Act takes effect September 1, 2009.